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Financial Planning / Tax Strategies


Subject:  Re: Gift assumptions ? Date:  2/9/2007  1:04 PM
Author:  ptheland Number:  91958 of 132806

If my husband and I have a joint checking account and electronically contribute to a 529 for our son, do we have to do anything to denote that half came from one of us and half came from the other ?

If you're in a community property state, I think you're covered. If you're in a separate property state, you might need to show that you've each put $12k into the joint account.

None of that would actually need to go with the tax return. It would just be part of your records supporting the return in case of an audit.

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